It is important that you find a broker who you feel comfortable with as your partnership will be over the lifetime of your home loan, which can span over 10 or more years. Your broker will also be your first point of contact when you wish to discuss changes to your home loan. Plus, the right mortgage broker will offer you sound, valuable advice and will save you time and possibly money. However, not all mortgage brokers are created equally. Let’s look at what defines ‘The Right’ mortgage broker and what type of mortgage brokers you should avoid.
What Defines ‘The Right’ Mortgage Broker?
‘The Right’ mortgage broker for you will be upfront about their services and how they operate, and they won’t withhold any information. They’ll be willing to answer any questions you have and they’ll come across as being friendly and helpful. They won’t come across as being apprehensive or defensive. The right mortgage broker will also be registered with the Australian Securities and Investment Commission (ASIC), have professional brokerage industry membership and indemnity insurance that will cover you for any monetary loss should they provide you with poor financial advice.
The right mortgage broker will:
1. Ask you questions about your personal and financial situation and home loan requirements to find you a suitable mortgage.
2. Be able to give you an in-depth comparison of mortgage products using state-of-the-art comparison software, and then explain what each product offers you.
3. Find you a cost-effective mortgage that meets your financial and personal needs, and gives you flexibility.
4. Disclose their commission and any other charges associated with each of the home loan products.
5. Help you to complete your home loan application.
6. Give you regular home loan progress updates once you’ve put in your application.
7. Disclose any problems with your home loan application as they arise. Then they’ll help you to resolve these issues.
8. Maintain regular contact with you over the term of your home loan and help you to effectively manage your mortgage.
What Type of Mortgage Broker Should I Avoid?
If a broker isn’t registered with ASICS and does not wish to answer any questions you have or they seem apprehensive or defensive when answering your questions, then consider finding another broker. Your mortgage broker should be easy to get along with and willing to provide you with as much information as you need to make a sound financial decision.
Are you looking for ‘THE RIGHT’ Mortgage broker? If so, then contact eChoice today.
Written by eChoice